1H results as at December 2014

Transcription

1 Milan, 9 February 2015

2 Agenda Section 1. Section 2. Section 3. 1H14 Group results Segmental reporting Closing remarks Annexes 1. Principal investing: main equity investments as at Dec14 2. Investment banking: major deals by product Note: numbers may not add up due to rounding 2

3 Growth resumed by strong banking results. ROE up to 7% Banking profitability enhanced CIB Resuming growth RCB Steadily growing PI Disposals to come Comfortable ratios MB Group GOP up 58% YoY to 321m, driven by higher revenues (up 16% to 1,014m) Group net profit at 261m (without gains from equity disposals) Group ROE up to 7% Loans resumed growth (up 6% HoH), treasury and funding optimization ended Revenues up 44% ( 392m) driven by fees ( 191m, up 54%) and positive trading Net profit quadrupled to 117m, ROAC* up to 9% RCB ROAC* up to 10% Consumer: steady growth in loans (up 10%) and NII (up 9%), ROAC* up to 14% CheBanca!: deposits switch and re-pricing ongoing Income from AG flat Further disposals to come in the second half NAV up to 4.6bn CET1 phase-in = 11.0%, fully phased = 12.7% Solid liquidity and leverage ratios Coverage ratios complaint with AQR requests * Calculated on average allocated K = 8% RWAs. Gains/losses from AFS disposals, impairments and positive/negative oneoff items excluded, normalized tax rate = 33% 3

4 Loans up 4%, funding and treasury optimization achieved bn Dec14 June14 Dec13 D HoH* MB Group D YoY* Funding % -19% Bonds % -25% Retail direct deposits % -18% ECB % -27% Others % +11% Loans to customers % -1% Wholesale % -9% Private banking Consumer % +10% Mortgage % Leasing % -10% Treasury+AFS+HTM+LR % -39% RWAs nc +1% Loans/funding ratio 74% 67% 61% CET1 ratio: phase-in / fully phased (%) 11.0 / / 12.5 nc TC ratio: phase-in / fully phased (%) 13.9 / / 14.7 nc *HoH = Dec14/June14; YoY= Dec14/Dec13 4

5 Loan book up 4% driven by RCB and, finally, CIB MB Group New loans trend ( bn) Loan book trend ( bn) 2H12 1,2 2, ,5-4% ,2-5% % ,0 2,9 2H13 2,1 2, ,3-7% 15,2-12% 13,3 +6% 14,0 2H14 3,2 3, % 13,7 +1% 13,9 +3% 14,3 +4% 14,9 June13 Dec13 June14 Dec14 CIB RCB Leasing RCB CIB Leasing Group loan book up 4% to 31.8bn due to RCB growth (up 4% HoH) and to the longed rebound in CIB (up 6% HoH) Growing new lending activity: 6.7bn at group level (up 34% YoY) 3.2bn in CIB (up 52%) with higher focus on mid caps/new clients and wider geographical diversification; increasing weight of non domestic new loans (from 24% to 34%) 3.2bn in RCB (up 18%) driven by consumer and mortgages 5

6 Treasury and funding optimization completed MB Group Treasury & AFS portfolio ( bn) -9.8bn Funding evolution ( bn) -10.3bn ,5 6,0 2,2 6, ,4 5,1 7,0 26, ,1 20,2 4bn of expiring LTROs to be replaced in March 15 by TLTROs Spread of new bond issued down to 85bps (165bps in FY14) 7,8 0,8 4,3 1,8 13,3 10,9 Avg.deposit cost down to 1.4% in Dec.14 (1.7% in June14) Dec13 Liquidity Other Govies Equity Dec14 IT Govies Corporate Bonds Dec13 CB! retail deposits ECB Banks & Other Dec14 MB bonds PB Group funding managed down to 43bn (-8.6bn), on growing loan volumes (loan/deposit ratio at 74%) and treasury optimization (-10bn). Focus on cost of funding reduction. In detail: Excess liquidity shrunk lowering MB bond issuance needs ( 3bn MB bond issuance annual program, 2/3 done) ECB down to 5.1bn (after 0.6bn TLTRO), amount to be rebuilt in next quarters CheBanca! direct retail deposits at 10.9bn as indirect assets doubling to 2.1bn 6

7 Banking results materially enhanced, ROE up to 7% MB Group m 2H Dec14 7 1H June14 2H Dec13 Total income 1, % 16% Net interest income % 2% Fee income % 36% Net treasury income Equity accounted co % -6% Total costs (392) (421) (370) -7% 6% Labour costs (193) (200) (179) -4% 8% Administrative expenses (200) (221) (191) -10% 4% Ordinary GOP % 23% Loan loss provisions (301) (434) (302) -31% - GOP x 58% Impairments, disposals Income taxes & minorities (65) (9) (28) Net result % -14% Cost/income ratio (%) pp -3pp Cost of risk (bps) bps +9bps ROE (%) pp *HoH = Dec14/June14; YoY= Dec14/Dec13 D HoH* D YoY*

8 Growing NII driven by consumer and... MB Group Total revenues ( m) Net interest income ( m) +20% +2% 875 1, Banking business % % 488 Banking business % +2% H13 2H14 RCB CIB ex trading Trading Other PI 2H13 1H14 2H14 RCB CIB Other All banking revenues growing: RCB up 6%, CIB up 44% (up 18% trading excl.); PI flat Group NII up 2%: consumer healthy growth offsets CIB weakness (due to last year hybrids reimbursement) Trading revenues back to material level 8

9 ...growing fees driven by CapMkt and consumer as well MB Group Group fee income trend ( m) +36% CIB fees breakdown and trend ( m) +54% % % % % H13 1H14 2H14 2H13 1H14 2H14 CIB RCB Other Lending M&A CapMkt PB Group: fees up 12% HoH (+36% YoY) driven by CIB CapMkt strong momentum RCB: up 11% HoH due to good insurance product sales and credit management in consumer 9

10 Cost of risk at 193 bps, normalized at 167 bps MB Group LLPs by segment ( m) Cost of risk by segment (bps) % in bonis one-off in bonis 12m June13 12m June14 6m Dec FY13 FY14 IH14/ CIB Consumer Retail Leasing CIB Group Consumer CIB ex non recurring Group ex non recurring Consumer ex non recurring Group cost of risk: down to 193 bps, at 167 bps normalized by non-recurrent items Consumer: cost of risk adj decreased to 379 bps due to lower entries in NPLs; additional 78 bps linked to 40m LLPs on in-bonis portfolio CIB: cost of risk at 72 bps (FY14 benefited by significant writebacks) 10

11 Asset quality: coverage ratios up, aligned with AQR requirement MB Group NPLs details ( deteriorate ) Bad loans details ( sofferenze ) Group and segmental figures Dec13 June 14 Dec14 Net NPLs ( m) 1,013 1,158 1,220 Group and segmental figures Dec13 June 14 Dec14 Net bad loans ( m) Net NPLs/loans 3.1% 3.8% 3.8% Net bad loans/loans 0.9% 0.9% 0.8% NPLs coverage 1 46% 50% 51% Bad loans coverage 1 67% 67% 66% -- ow Wholesale 42% 49% 49% -- ow Wholesale 90% 100% 100% -- ow Consumer 1 58% 64% 67% -- ow Consumer 1 85% 88% 89% -- ow Mortgage 47% 47% 47% -- ow Mortgage 53% 52% 52% -- ow Leasing 28% 30% 29% -- ow Leasing 47% 47% 48% Coverage ratios up to 0.8% for PLs, 51% for NPLs, 66% for Bad loans LLPs requested by AQR done by 93%; remaining 7% linked to a single corporate position whose restructuring plan started in ) Net of Creditech 11

12 Comfortable capital, leverage, funding and liquidity position MB Group CET1 ratio: phase-in/fully phased Leverage ratio: phase-in/fully phased 12,5% 12,6% 12,7% 11,1% 11,0% 11,0% 8,5% 9,5% 9,8% 11,1% 10,2% 11,6% June14 Sept14 Dec14 Phase-in Fully phased June14 Sept14 Dec14 Phase-in Fully phased Total capital ratio: phase-in/fully phased LC ratio 14,7% 14,9% 15,1% 13,8% 13,9% 13,9% 229% 158% 130% June14 Sept14 Dec14 Phase-in Fully phased June14 Sept14 Dec14 12

13 Profitability ratios materially improved MB Group m ROE / ROAC* 6m Dec14 Annualized 12m June14 6m Dec13 Annualized GROUP ROE stated 6.6% 6.4% 8.6% ROE adj. 7.5% 5.7% 4.7% PI ROAC adj. 28.5% 24.4% n.m. CIB ROAC adj. 8.9% 6.2% 2.6% RCB ROAC adj. 10.1% 5.0% 7.4% ow Consumer lending ROAC adj. 13.9% 8.9% 11.2% ow Retail banking ROAC adj. neg. neg. neg. * Calculated on average allocated K = 8% RWAs - Gains/losses from AFS disposals, impairments and positive/negative one-off items excluded, normalized tax rate = 33% 13

14 Agenda Section 1. Section 2. Section 3. 1H14 Group results Segmental reporting Closing remarks Annexes 1. Principal investing: main equity investments as at Dec14 2. Investment banking: major deals by product 14

15 CIB. Resuming growth, ROAC up to 9% Segmental reporting: CIB Signals of recovery in Southern EU market In last 12m IB fee pool in Southern EU up 30%; MB fee pool up 58% Good momentum in CapMkts, both domestic and non-domestic M&A and Lending activities bottoming out through the cycle Growth in loans Commercial efforts ( 3.2bn new business in last 6m, up 52% YoY) finally reverting in loan book growth (up 6% HoH) Focus on enlarging customer base and reducing avg loan size Early reimbursements still material ( 700m in 6m) Revenues up 44% to 392m with Growth in revenues NII stabilizing, after being penalized by hybrids reimbursement Fee up 54% (to 191m) driven by CapMkt Trading largely positive ( 79m) Welcome back profitability GOP doubled to 220m Net profit tripled to 117m ROAC up to 9% 15

16 IB fee pool: up 30% in Southern EU in last 12m, MB up 58% Global IB fee pool (12m Dec14) Segmental reporting: CIB MB fee pool (12m Dec14) Total IB fees: $90bn, up 7% YoY $bn IB Fees YoY UK &Ireland % MB fees: 292m, up 58% YoY France & Benelux % Germany % Americas 47 EMEA 25 Iberia % Nordic % Italy % Asia- Pacific- Japan 16 Middle East % CH % Russia % CEE 0.3-2% Total EMEA % 12m 13 12m 14 Cap mkt M&A Lending Global IB fee pool up 7% in last 12m (to $90bn) driven by Equity (+15%) and M&A (+12%); bonds and loans flat EMEA recovering: up 15%, with Southern Europe up 30% MB IB fees up 58% in 2014 solar year, driven by capmkt (doubled YoY) Source: Thomson Reuters, Global Investment Banking Review, Full Year

17 Where are we in the IB cycle? MB: total IB fees by product ( m) J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 D-14 M&A L&SF CapMkt MB: Lending fees by geography ( m) 150 MB: CapMkt fees by geography ( m) J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 D-14 Domestic Non domestic MB: M&A fees by geography ( m) 150 Segmental reporting: CIB J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 D-14 Domestic Non domestic 0 J-05 J-06 J-07 J-08 J-09 J-10 J-11 J-12 J-13 J-14 D-14 Domestic Non domestic WB fees well diversified among products (Capmkt, Lending, M&A) Non domestic business enhancing revenue resilience CapMkt driven by equity deals (IPOs, K increases), M&A and Lending still lagging behind Dec14 data annualized only for graphical reasons 17

18 WB revenues up 57%, well split among geographies and businesses Total WB revenues by geography ( m) WB: K-light revenues trend ( m) Segmental reporting: CIB New corporate loans avg. ticket 1 ( m) +57% x % % m Dec.13 6m Dec.14 6m Dec.13 6m Dec.14 0 June 12 June 13 June 14 Dec. 14 Non domestic Domestic CMS M&A CapMkt Avg drawn Avg committed WB revenues up 57% driven by domestic business (+2x) and strong foreign revenue trend (+18%) K-light revenues (CMS, M&A, CapMkt) up 55%, trading activity booked domestically rebounding in 2H14 Lending activity more diversified internationally and less concentrated ( 30m avg ticked) 1) Amounts include Mediobanca International (Luxembourg) and exclude lending to and by affiliates 18

19 CIB: growth resumed in loan and revenues. ROAC 9% Segmental reporting: CIB m 2H14 1H14 2H13 D YoY* 4Q14 3Q14 2Q14 1Q14 Total income % Net interest income % Fee income % Net treasury income nm (7) Total costs (171) (182) (152) +13% (92) (79) (102) (80) GOP % Loan loss provisions (49) (149) (82) -40% (35) (15) (98) (51) Ordinary PBT 171 (3) (16) Other 1 (10) (12) 1 Net result 117 (11) (1) (10) Cost/income ratio (%) pp Cost of risk ratio (bps) bps Loans ( bn) % RWAs ( bn) % *YoY= Dec14/Dec13 19

20 PI: more disposals to come in the second half Segmental reporting: Principal investing m 2H14 1H14 2H13 D HoH* D YoY* Total income % -2% Gains from disposals Impairments (12) (4) (22) Net result % -48% Book value ( bn) % Ass. Generali (13.24%) % +17% AFS stakes % -23% Market value ( bn) % Ass. Generali % -1% RWAs ( bn) nc -1% *HoH = Dec14/June14; YoY= Dec14/Dec13 20

21 Consumer lending: ROAC up to 14% Managing the leadership Compass steadily growing in a rebounding market Leading player in Italy with a 12.3% market share Segmental reporting: Consumer lending Steady growth Margin resilient Revenue up 10% Healthy trends in asset quality New loans up 17% to 2.9bn, driven by bank channel Loan book breaking the ceiling of 10bn Gross margin resilient, even improving net of cost risk Revenues: 412m (up 9% YoY) Compass as NII engine for MB Group: 334m (up 9% YoY), representing 61% of Group NII Positive trend of new problematic loans since the summer (lower new entries) NPLs coverage ratio up to 67%, in bonis coverage up to 1.2% - in line with ECB AQR requirement - with additional 40m of LLPs in last quarter PBT adj at 80m, up 33% YoY Results Net profit adj at 54m, up 33% ROAC: 14% 21

22 Compass: secure leader in a rebounding market New loans YoY trend*, Compass market share 40,0% 12,3% 11.4% 30,0% 9.8% 10.0% 8.3% 20,0% 6.6% 18,8% 16,4% 10,3% 10,0% 8,2% 2,5% 0,0% -2.2% -10,0% -5.3% -5,9% -5.3% -11.3% -11.7% 15,0% 13,0% 11,0% 9,0% 7,0% 5,0% 3,0% 1,0% -1,0% -3,0% Top 5 Italian players (12m14 Assofin) Company Segmental reporting: Consumer lending New loans ( bn) Mkt share Y.o.Y Compass % +10% Unicredit % +20% Findomestic % +8% Agos Ducato % -3% Deutsche Bank % -5% -20,0% -17,1% th 4 th 3 rd 2 nd 2 nd 1 st -5,0% Compass rank Total market % +2% Market growth (YoY) Compass growth (YoY) Consumer market shyly up 2.5% in 2014 after having shrunk for 5y in a row ( ) Leadership position securely achieved and profitable managed * Source: Assofin 22

23 Production up 17% at interesting marginality Compass new loans by product ( bn) +17% Segmental reporting: Consumer lending Consumer: loan stock and net margins¹( bn, bps) Net margins adj Net margins 9,6 9,9 10,5 2H13 1H14 2H14 2H13 1H14 2H14 Personal loans Cars Special purpose Salary guar. Credit cards New loans up 17% YoY ( 2.9bn), driven by personal loans and credit cards; loans up 10% YoY (to 10.5bn) Focus on value: net margins increasing along with cost of risk downsizing 1) Net margin = (NII-LLPs) / Avg. loans, excluding one offs 23

24 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Compass: lower inflows and stock of problematic loans Loans with 30 days arrears for the first time (3 months moving average and year average) Segmental reporting: Consumer lending Consumer NPLs ratio and coverage trend Consumer Dec13 June 14 Dec14 NPLs ( m) Year avg. NPLs/loans 4.2% 3.5% 3.0% NPLs coverage 58% 64% 67% Bad Loans ( m) Bad Loans/loans 1.3% 1.1% 1.0% Bad Loans coverage 85% 88% 89% Performing loans coverage 0.2% 0.8% 1.2% The first risk indicators (loans with 30 days arrears for the first time) is moving downwards at the levels of 2012 NPLs stock down 9% HoH, incidence to loans down to 3% NPLs and PLs coverage ratios aligned to ECB requirements 24

25 Consumer lending: solid growth, ROAC up to 14% Segmental reporting: Consumer lending m 2H14 1H14 2H13 D YoY* 4Q14 3Q14 2Q14 1Q14 Total income % Net interest income % Fee income % Total costs (139) (144) (133) +5% (73) (66) (78) (67) Loan provisions (233) (259) (186) +25% (137) (96) (167) (92) ----ow LLPs non-recurrent (40) (50) PBT 40 (13) 60-33% (1) 41 (50) 37 Net profit 31 (2) 50-38% 3 28 (27) 26 Cost/income ratio (%) pp Cost of risk ratio (bps) bps New loans ( bn) % Loans ( bn) % RWAs ( bn) % *YoY= Dec14/Dec13 25

26 Retail banking: CheBanca! from a deposit to a wealth-gatherer Conversion of direct into indirect better than expected CheBanca! deposits stable at 13.0bn, of which: Direct 10.9bn (down 6%) Indirect 2.1bn (2X in 12m) Segmental reporting: Retail banking Good start for asset management ( 0.6bn in 12m) and insurance products ( 0.5bn in 6m) Increasing not-yield driven customers Transactional and commission-based product keep on growing: current accounts 44% of products sold in IH15, securities and trading accounts 16% Customer base: 530,000 (up 2% YoY) Active products: 760,000 (up 8% YoY) Reducing cost of funding Cost of funding shrinking to 1.4% (from 1.7%) NII decreasing in absolute term due to a thinner balance sheet (-3.2bn deposits in 12m) Results Total income at 76m, down 8% YoY No MB bond emission through CheBanca! in the semester ( 7m of commission in 2H13) Net loss 8m 26

27 CheBanca!: less depository, more transactional Segmental reporting: Retail banking CheBanca! deposits breakdown ( bn) Products growth % +65% 1,0 0,7 1, ,5 2,1 0,9 1,5 1,6 1,6 2X Dec13 June14 Dec14 Tied deposits Untied deposits Current accounts (1) Indirect deposits Products Current accounts Securities and trading accounts June 13 Dec 13 June 14 Dec 14 Total deposits at 13.0bn, 10.9bn of which direct and 2.1bn indirect (doubled YoY) Direct deposit mix changing in composition and cost: Low cost-funding products up due to increase in the number of current accounts Average cost of deposits down from 1.7% to 1.4% 1 Including conto tascabile and cash to be invested in securities accounts 27

28 Indirect deposits doubled in 12m with... Indirect deposits breakdown ( m) Segmental reporting: Retail banking Mutual funds and insurance products new money: main Italian players ( m) 2X 2.1 0, Mutual funds (12m) ,4 0,6 Mediolanum Azimut Fineco CheBanca! Banca Generali (1.064) Fideuram 0,6 0,6 0,5 0,4 0,5 0,5 Dec 13 June14 Dec 13 Securities MB bonds Asset Management Insurance product Banca Generali Insurance products (6m) (266) Fideuram Azimut CheBanca! Fineco Mediolanum Indirect deposits doubled in 12m as well as the number of securities accounts AM platform results: 0.6bn of mutual funds (+50% HoH) placed in 12m, fourth best result in Italy Insurance products results: 0.5bn placed in 6m, fourth best result in Italy 28

29 an increasing capability to maintain total customer assets Conversion from deposits to investments: 12 months activity ( bn)..and last 6 months Segmental reporting: Retail banking 13.3 (2.4) (0.6) ,6 9,4 Deposits Current acc. 10,6 9,4 0,7 1,5 Dec13 Dec14 50% 2.1 0,9 1,5 June14 Dec14 100% 2.1 1,2 1,1 3^ party funds 0,9 distribution 1,0 started in Jan14 AUM AUA 1.5 0,4 1,1 0,6 Insurance products distribution started in Aug14 1,1 1,0 Dec13 Dec14 June14 Dec14 Increasing ability to maintain total assets in the last 6m due to a broader product offering and improved sales skills 29

30 CheBanca!: focusing on not-yield driven products Segmental reporting: Retail banking m 2H14 1H14 2H13 D YoY* 4Q14 3Q14 2Q14 1Q14 Total income % Net interest income % Fee income % Net treasury income Total costs (75) (83) (76) -1% (39) (37) (42) (41) Labour costs (29) (31) (30) -2% (15) (14) (16) (15) Administrative expenses (46) (52) (46) (23) (23) (26) (26) Loan provisions (10) (13) (15) -28% (5) (6) (7) (7) Net loss (8) (15) (10) -21% (4) (4) (7) (8) Cost/income ratio (%) pp Cost of risk ratio (bps) bps Total deposits ( bn) % of which indirect x Loans ( bn) % RWAs ( bn) % *YoY= Dec14/Dec13 30

31 Agenda Section 1. Section 2. Section 3. 1H14 Group results Segmental reporting Closing remarks Annexes 1. Principal investing: main equity investments as at Dec14 2. Investment banking: major deals by product 31

32 Closing remarks Closing remarks First 6m achievements Banking profitability enhanced: Group ROE up to 7% Growth resumed in CIB (loans and revenues): ROAC up to 9% RCB, continuously improving (ROAC at 10%), with Compass confirmed as group NII-engine: ROAC at 14% CheBanca! moving faster than expected from a deposit to a wealth-gatherer Basel 3 adoption and Comprehensive Assessment successfully done Continuing implementation of BP guidelines, consistent with last 18m Next 6 months CIB: recovery expected to consolidate further RCB: value-driven growth continuing PI: more disposals to come in the second half 32

33 Milan, 9 February 2015

34 Annexes 1. Principal investing: main equity investments as at Dec14 2. Investment banking: major deals by product 34

35 Principal Investing: main equity investments PI: main equity investments Section 1 December 2014 % share of capital Book value m AFS reserve Assicurazioni Generali 13.24% 2,969 n.s. 1 Pirelli &C. 4.13% RCS Mediagroup 6.2% 30 - Italmobiliare 9.5% 40 5 Others 35 3 Total listed companies 3, Sintonia 5.94% Banca Esperia 50.00% 96 n.s. 1 Telco 7.34% Edipower 5.13% 57 - Santè Athena Private Equity 24.27% 6 n.s. 1 Burgo Group 22.13% - n.s. 1 Fidia 25.00% 1 n.s. 1 Others Total unlisted companies ) Equity method accounted 35

36 Annexes 1. Principal investing: main equity investments as at Dec14 2. Investment banking: major deals by product 36

37 Major M&A deals IB: major deals by product Section 2 37

38 Major M&A deals IB: major deals by product Section 2 38

39 Major equity deals IB: major deals by product Section 2 39

40 Major equity deals IB: major deals by product Section 2 40

41 Major DCM deals IB: major deals by product Section 2 41

42 Major DCM deals IB: major deals by product Section 2 42

43 Major corporate lending and structured finance deals IB: major deals by product Section 2 43

44 Major corporate lending and structured finance deals IB: major deals by product Section 2 44

45 Major corporate lending and structured finance deals IB: major deals by product Section 2 45

46 Major corporate lending and structured finance deals IB: major deals by product Section 2 46

47 Disclaimer This presentation contains certain forward-looking statements, estimates and targets with respect to the operating results, financial condition and business of the Mediobanca Banking Group. Such statements and information, although based upon Mediobanca s best knowledge at present, are certainly subject to unforeseen risk and change. Future results or business performance could differ materially from those expressed or implied by such forward-looking statements and forecasts. The statements have been based upon a reference scenario drawing on economic forecasts and assumptions, including the regulatory environment. Declaration by Head of Company Financial Reporting As required by Article 154-bis, paragraph 2 of Italian Legislative Decree 58/98, the undersigned hereby declares that the stated accounting information contained in this report conforms to the documents, account ledgers and book entries of the company. Head of Company Financial Reporting Massimo Bertolini 47

48 Investor contacts Mediobanca Group Investor Relations Piazzetta Cuccia 1, Milan, Italy Jessica Spina Tel. no. (0039) Luisa Demaria Tel. no. (0039) Matteo Carotta Tel. no. (0039)